SOURCE: Tauriga Sciences, Inc.

Tauriga Sciences, Inc.

May 06, 2016 08:00 ET

Tauriga Sciences Inc. Retires $135,600 USD of Its Convertible Debt

NEW YORK, NY--(Marketwired - May 6, 2016) - Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or the "Company"), a diversified life sciences technology Company, today announced it has repaid and retired $135,600 USD of its convertible debt. As of today's date, the Company has less than $225,000 USD of face value convertible debt remaining on its balance sheet. The Company will prioritize the strengthening of its balance sheet as it continues to negotiate with potential acquisition target(s).

As previously disclosed in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on June 8, 2015 (the "Form 8-K"), the Company raised the initial Face Value $133,000 USD from various accredited investors to repay a portion of the payment due to Typenex Co-Investment, LLC under a settlement agreement. Per the terms of the financing, the Company was required to pay a 20% premium on the amount raised if the funds were not repaid to the investors by December 01, 2015, which did not as occur. The terms at which the Company retired ("settled") this $135,600 USD of debt were materially more beneficial to shareholders than those stipulated in the original Share Purchase Agreement ("SPA") dated June 01, 2015. As such, the Company issued an aggregate of 33,900,00 shares of its common stock to satisfy the terms of the financing (inclusive of all penalties).

The Company intends to include the penalties it paid as part of this financing, among other items, as part of the monetary damages suffered as a result of the malpractice committed by its predecessor audit firm Cowan Gunteski & Co. P.A. ("Cowan Gunteski"). The Company filed a lawsuit in Federal court against Cowan Gunteski on November 4, 2015 and has previously announced it is seeking in excess of $3,000,000 USD in monetary damages.

Tauriga's CEO Mr. Seth M. Shaw expressed, "The Company is pleased to have retired this debt and is focused on continuing to improve its balance sheet. There is currently meaningful progress being realized by the Company on multiple fronts and management will continue to work tirelessly to both restore and create lasting shareholder value. Lastly management would like to express its appreciation to the Company's numerous loyal shareholders who have supported the Company over the past months."

About TAURIGA SCIENCES, INC.:

Tauriga Sciences, Inc. (OTC PINK: TAUG) is a diversified life sciences company focused on generating profitable revenues through its present and future holdings. The mission of the Company is to acquire and build a diversified portfolio of cutting edge technology assets that is capital efficient and of significant value to the shareholders. The Company's business model includes the acquisition of licenses, equity stakes, rights on both an exclusive and non-exclusive basis, and entire businesses. Management is firmly committed to building lasting shareholder value in the short, intermediate, and long terms. Please visit the Company's corporate website at www.tauriga.com

NON SOLICITATION:

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.

DISCLAIMER:

Forward-Looking Statements:

This release contains the Company's forward-looking statements which are based on management's current expectations and assumptions as of April 5, 2016, regarding the Company's business and performance, its prospects, current factors, the economy and other future conditions and forecasts of future events, circumstances and results.

THERE CAN BE NO GUARANTEES OF ANY FINAL TRANSACTION BEING CONSUMMATED AT THIS TIME. BOTH PARTIES ARE CURRENTLY NEGOTIATING IN GOOD FAITH AND ARE WORKING DILIGENTLY TO ESTABLISH MUTUALLY AGREEABLE TERMS FOR THIS PROPOSED MERGER.

Contact Information

  • Contact:

    Tauriga Sciences, Inc.
    Mr. Seth Shaw
    CEO
    Tel: 1-917-796-9926
    Email: sshaw@tauriga.com